Hi Denise - If you're eyeing a DSCR loan, maintaining your primary residence is necessary, as most lenders require it.Refinancing could provide quick access to funds by leveraging the equity in your primary property.

Instead, interest is accrued into the loan balance and paid at maturity (when the borrower either sells the property or refinances the loan).

5% down first homeowners loan.

This is really disappointing because I am ready to purchase another property today but will not get approved or have horrible loan terms due to a 640 credit score.Does anyone have any recommendations on how to remediate this issue?

I will layout some information below and I am all ears to advice from there.Current savings: $12,500 (with the capability to pull funds from an IRA if need be)Currently working with a realtor I've worked with before in my rental market who is also an active investorI have the proper steps completed for a DSCR loan from a company found right here at BP and the process was smooth. 

The only details I have currently are that he placed 10% down 5 years ago so is currently paying PMI on his loan.

Or consider a hard money loan to help with your first flip.

having trouble getting a home equity loan due to my work situation. 

I know a lot of first time buyer loans want you to stay in the home.

Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit.